Fair Value Measurements (Tables)

9 Months Ended

Dec. 28, 2013

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of December 28, 2013 and March 30, 2013:



	December 28, 2013
(In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Cash and cash equivalents:
Money market funds	$	152,160	$	—	$	—	$	152,160
Bank certificates of deposit	—		29,996		—		29,996
Commercial paper	—		19,996		—		19,996
Corporate bonds	—		172,237		—		172,237
U.S. government and agency securities	109,996		—		—		109,996
Foreign government and agency securities	—		79,987		—		79,987
Short-term investments:
Bank certificates of deposit	—		109,960		—		109,960
Commercial paper	—		179,978		—		179,978
Corporate bonds	—		310,845		—		310,845
Municipal bonds	—		11,990		—		11,990
U.S. government and agency securities	506,442		157,918		—		664,360
Foreign government and agency securities	—		229,940		—		229,940
Mortgage-backed securities	—		318,467		—		318,467
Long-term investments:
Corporate bonds	—		229,290		—		229,290
Auction rate securities	—		—		19,856		19,856
Municipal bonds	—		17,869		—		17,869
U.S. government and agency securities	11,720		44,270		—		55,990
Mortgage-backed securities	—		908,906		—		908,906
Debt mutual fund	—		55,481		—		55,481
Derivative financial instruments, net	—		473		—		473
Total assets measured at fair value	$	780,318	$	2,877,603	$	19,856	$	3,677,777
Liabilities
Convertible debentures — embedded derivative	$	—	$	—	$	628	$	628
Total liabilities measured at fair value	$	—	$	—	$	628	$	628
Net assets measured at fair value	$	780,318	$	2,877,603	$	19,228	$	3,677,149



	March 30, 2013
(In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Cash and cash equivalents:
Money market funds	$	108,311	$	—	$	—	$	108,311
Bank certificates of deposit	—		79,995		—		79,995
Commercial paper	—		208,667		—		208,667
U.S. government and agency securities	95,039		—		—		95,039
Foreign government and agency securities	—		54,989		—		54,989
Short-term investments:
Bank certificates of deposit	—		44,992		—		44,992
Commercial paper	—		294,883		—		294,883
Corporate bonds	—		40,728		—		40,728
Municipal bonds	—		3,706		—		3,706
U.S. government and agency securities	416,887		75,011		—		491,898
Foreign government and agency securities	—		214,912		—		214,912
Mortgage-backed securities	—		68		—		68
Long-term investments:
Corporate bonds	—		235,275		—		235,275
Auction rate securities	—		—		28,700		28,700
Municipal bonds	—		21,234		—		21,234
U.S. government and agency securities	55,142		55,143		—		110,285
Mortgage-backed securities	—		1,192,612		—		1,192,612
Debt mutual fund	—		62,927		—		62,927
Total assets measured at fair value	$	675,379	$	2,585,142	$	28,700	$	3,289,221
Liabilities
Derivative financial instruments, net	$	—	$	1,615	$	—	$	1,615
Convertible debentures — embedded derivative	—		—		1,090		1,090
Total liabilities measured at fair value	$	—	$	1,615	$	1,090	$	2,705
Net assets measured at fair value	$	675,379	$	2,583,527	$	27,610	$	3,286,516

Changes in Level 3 instruments measured at fair value on a recurring basis

The following table is a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):



	Three Months Ended						Nine Months Ended
(In thousands)	December 28, 2013			December 29, 2012			December 28, 2013			December 29, 2012
Balance as of beginning of period	$	22,229		$	27,524		$	27,610		$	27,998
Total realized and unrealized gains (losses):
Included in interest and other expense, net	(221		)	221			462			(393		)
Included in other comprehensive income	870			(318		)	1,456			172
Sales and settlements, net	(3,650		)	(350		)	(10,300		)	(700		)
Balance as of end of period	$	19,228		$	27,077		$	19,228		$	27,077

Gains or (losses) included in net income attributable to change in unrealized gains or losses relating to assets and liabilities

The amount of total gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets and liabilities still held as of the end of the period was as follows:



	Three Months Ended					Nine Months Ended
(In thousands)	December 28, 2013			December 29, 2012		December 28, 2013		December 29, 2012
Interest and other expense, net	$	(221	)	$	221	$	462	$	(393	)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details